OCR Text |
Show II SELLING AGAIN I CANCELS GAINS Larger Dividend and Stock Disbursements Cause Of Early Advance NEW YORK. Nov. 16 Gains wero made by a number of stocks in early trading today, bullish activity being! encouraged by further dividend increases in-creases and extra stock disbursements. i the continued promising outlook for J genera business and tho buoyancy of foreign bond. Advances, how- vi t. were largely cancelled and considerable con-siderable net losses established when liquidation broke again in many quarters. quar-ters. Sales approximated 1,050,000 hares. Encouraged by the declaration of i numerous dividend increases and fur-' ther largo stock dividends, the bulls j resumed their attack against tho short Interests at tho outset of today B Stock market and soon nn'cctd uii- , vances of i to 3 points throughout tho list. Some o Wednesday a weak Issues, especially New Haven, Con-solidated Con-solidated tins and Texas Gulf Sulphur, Sul-phur, were conspicuously ttrong. Slrnmrlh nirnln nnnfiirprf In Ihfi hli-h- I Ier priced stocks, especially Standard OU of New Jersey, bu i'ont, and Na- 'nal Biscuit, th.' latter ugatn reaching reach-ing a new top figure. The steels, oil?, 1 equipments, food, tobacco, textile, public utilities, can, leather and low priced railroads were bid for at rap-Idly rap-Idly rising prices. Confidence in the Immediate course of prices was reinforced re-inforced by the revival of out3lde buying buy-ing to a considerably extent and the recuperative power exhibited by tiie bond market, notably foreign issues. Huylng of stocks on knowledge that future railroad and industrial caru-lugs caru-lugs were promising went on at a good pace throughout the morning. ' mc of the incidents of the trading was the purcnase of two separate blocks of 10. Out) shares of General Motors at 15, ufter winch the price moved up to 16 Vi- Apart from an exceptional ex-ceptional display of weakness in the shipping group, which carried Marine preferred down 3 points to a new low level for the year and a loss of two points In American International, prices pursued a steadv upward course Spectacular advances were recorded by high-priced industrial shares, Du Pont climbing 1 1 and Woolworth S points. Kailway Steel Spring was lifted 4, Kresge 3 Vi ' Consolidated Gas and Associated Dry Goods 3, while B varied list of other industrials ana specialties Improved -to 2 points l.'ilroad stocks also made a particularly good showing nith Union Pacific, Delaware. LacK-a LacK-a wanna al- Western, and New Orleans. Texas & Mexico gaining 2 points each. Call money opened at 6 per cent. I- isner iiouy as up 0 points to a new top tlgure, American Express 4, Ixrillard 3, Otis Elevator 3Vi and L nacrwoou Typewriter, Laccde Gas and International Cement 3 to 3 . the last two stocks responding to higher dividend declarations before the gen- ral market took a decided dip downward. down-ward. Realizing by traders who haa a good profit on recent purchase and tho unsettling effect cr itod by active liquidation of special stocks aused a considerable relapse troni the high prices of the morning General Gen-eral Asphalt was driven down 4 to a new low figure. Marine preferred ' lost i points In all and North Amcri- i can gave way 3. Houston Oil. Coca Cola. Gulf Slates bteel, Standard Oil, of New Jersey and Marine common were also depressed 1 to 2 points un-der un-der Wednesday's final figures. The closing was weak. Encouraged by their success In breaking tho shippings and General Asphalt the bears extended the scope Of their operations in the final hour and succoeded In bringing about a material decline in all quarters. Gulf States Steel was hammered down 8 points, while Crucible. United States Alcohol and Brooklyn Transit also I gave way sharply . |